Samantha's Design Studio Showed Office Supplies Available of $1,000 $\begin{array}{l|l}\text { Office Supplies } & 1,000 \\\hline \text { Office Supplies Expense } && 1,000\end{array}$

question 90

Multiple Choice

Samantha's Design Studio showed office supplies available of $1,000.A count of the supplies left on hand as of June 30 was $500.The adjusting journal entry is:

• A)
• \(\begin{array}{l|l}
• \text { Office Supplies } & 1,000 \\
• \hline \text { Office Supplies Expense } && 1,000
• \end{array}\)
• B)
• \[\begin{array} { |c | l l| }
• \hline \text { Office Supplies Expense } & 1,000 & \\
• \hline \text { Office Supplies } & & 1,000 \\
• \hline
• \end{array}\]
• C)
• \(\begin{array}{l|}
• \text { Office Supplies } &500\\
• \hline \text { Office Supplies Expense }&&500
• \end{array}\)
• D)
• \[\begin{array} { | c | l | }
• \hline \text { Office Supplies Expense } & 500 \\
• \hline \text { Office Supplies } & 500\\
• \hline
• \end{array}\]

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Definitions:

Employee Stock Options

A type of compensation given to employees, offering the right to purchase company stock at a specific price within a set period.

Call Options

Financial contracts giving the buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset at a specified price within a specific time period.

Preferred Stock

A class of ownership in a corporation with a fixed dividend that is paid before any dividends are paid to common stockholders, typically without voting rights.

Common Stock

Shares of ownership in a corporation, giving holders voting rights and a share in the company's profits through dividends, subject to business performance.